Bitcoin Mining Stocks Soar as BTC Trades Near 17-Month High

According to CoinDesk, Bitcoin mining stocks experienced significant gains on Thursday as Bitcoin (BTC) traded around its 17-month high. U.S.-listed mining companies such as Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK) saw their stocks rally by 10%-12% during the day amid a wider surge in equities. The Dow Jones Industrial Average recorded its best day since June.Crypto-related stocks benefited from improving sentiment on Wall Street following a dismal October, as traders increasingly bet on the Federal Reserve ending its historic interest rate hiking cycle. The S&P 500 and Nasdaq equity indexes advanced for the second consecutive day as investors continued to digest Fed Chair Jerome Powell's slightly dovish remarks on Wednesday and the decision to leave rates unchanged for the second consecutive month amid signs of easing inflation and decreasing labor costs.Coinbase (COIN) also closed the day with an 8.7% advance, but some of those gains were pared back after market close after the cryptocurrency exchange reported lower trading volumes in Q3. The company beat analyst expectations of revenues and earnings. Meanwhile, BTC hovered around the $35,000 mark, just off its highest price level since May 2022. Ether (ETH), the second-largest crypto asset by market capitalization, lingered around $1,800, down nearly 2% over the past 24 hours. The CoinDesk Market Index (CMI), a proxy for the broad crypto market, declined 1.3% over the same period.